SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* TERZICH MICHAEL H (Last) (First) (Middle) ZEBRA TECHNOLOGIES CORPORATION 333 CORPORATE WOODS PARKWAY (Street) VERNON HILLS IL 60061 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol ZEBRA TECHNOLOGIES CORP/DE [ ZBRA ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) Senior Vice President
	3. Date of Earliest Transaction (Month/Day/Year) 11/16/2004
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	11/16/2004		P		400	A	$50	1,618(1)	D
Class A Common Stock								190.17(2)	I	By 401(k)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option	$24.31							(4)	01/10/2010	Class A Common Stock	22,500(3)		5,625(3)	D
Employee Stock Option	$18.17							(5)	02/14/2011	Class A Common Stock	18,000(3)		8,550(3)	D
Employee Stock Option	$21.62							(6)	02/08/2012	Class A Common Stock	45,000(3)		30,375(3)	D
Employee Stock Option	$25.23							(7)	02/11/2013	Class A Common Stock	22,500(3)		19,125(3)	D
Employee Stock Option	$47.12							(8)	02/11/2014	Class A Common Stock	10,500(3)		10,500(3)	D

Explanation of Responses:

1. On August 25, 2004, the Class A Common Stock of Zebra Technologies Corporation split 3-for-2, resulting in the acquisition of 406 additional shares of Class A Common Stock by the reporting person.

2. The holdings of Class A Common Stock by the 401(k) plan over which the reporting person may be deemed to have beneficial ownership have been adjusted to reflect the 3-for-2 stock split of Zebra Technologies Corporation on August 25, 2004 and additional acquisitions of Class A Common Stock by the 401(k) plan through November 16, 2004.

3. The Employee Stock Option holdings of the reporting person have been adjusted to reflect the 3-for-2 stock split of Zebra Technologies Corporation on August 25, 2004.

4. Of such options, 3,375 vested on January 10, 2001, 3,937 vested on January 10, 2002, 4,500 vested on January 10, 2003, 5,063 vested on January 10, 2004 and 5,625 vest on January 10, 2005.

5. Of such options, 2,700 vested on February 14, 2002, 3,150 vested on February 14, 2003, 3,600 vested on February 14, 2004, 4,050 vest on February 14, 2005 and 4,500 vest on February 14, 2006.

6. Of such options, 6,750 vested on February 8, 2003, 7,875 vested on February 8, 2004, 9,000 vest on February 8, 2005, 10,125 vest on February 8, 2006 and 11,250 vest on February 8, 2007.

7. Of such options, 3,375 vested on February 11, 2004, 3,937 vest on February 11, 2005, 4,500 vest on February 11, 2006, 5,062 vest on February 11, 2007 and 5,626 vest on February 11, 2008.

8. Of such options, 1,575 vest on February 11, 2005, 1,837 vest on February 11, 2006, 2,100 vest on February 11, 2007, 2,362 vest on February 11, 2008 and 2,626 vest on February 11, 2009.

	Michael H. Terzich	11/16/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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